Wall Street lobbyists 'ready to fight Obama's plans'

President Obama's plans to reform the banking system in the US will be fought tooth and nail by lobbyists for Wall Street firms, it has been suggested.

Camden Fine, president of the Independent Community of Bankers of America, said that financial institutions on Wall Street "are ramping up their lobbying machines like there is no tomorrow" in reaction to the White House proposals.

The legislation proposed by the Obama administration involves the banning of commercial banks from involvement in hedge funds, private equity firms or proprietary trading operations.

Lobbyists have said they believe they will be able to get the bill "toned down" in the Senate, reports Bloomberg.

Mr Fine said many on Wall Street were still refusing to accept responsibility for the financial crisis and the consequences for the financial industry.

"I'm sure they feel threatened, but when you get down to it, they brought this on themselves," he stated.

Earlier this week, Dutch finance minister Wouter Bos said he would be attempting to convince European leaders to introduce similar measures to the ones proposed by Obama in their own countries, reported Bloomberg.

By Gary Cooper